older mobile investing

2 Replies

looking at a mobile home for sale on about 1/2 acre of land.  the home is a late 70's model 2 br 1bath.  the area is a desirable area, and not in a park.  it is also located just a few hundred feet from a small university.  anyone out there have any experience renting older mobile homes?  any advice?  the unit is not in too bad of shape.  it does have a couple soft spots in the subfloor near the laundry closet.  does have central hvac.  will need paint, floor covering, update base cabinets, appliances, etc.  i do belive that i can get a quality tenant due to the location, and that i will make it an attractive property.  i will look to have 28k invested in property including repairs, and hope to rent it for $600 per month.  thanks again for the feedback /advice.  

Adam

@Adam Drummond If there is enough demand in the area, it can work. Just be sure you know the market you're renting to. If you're serving university students, it's best to make sure a mobile home this old would be something they're interested in renting. Also, look at the surrounding community for competition (i.e. apartments, single-family homes, etc). If you're serving a different market (not students), just make sure you cater the property to their standards. Hope that helps! 

@Rachel H.      i've been in real estate for well over 10 years, but never bought a mobile home before.  the home would easily be rented.  my main concern is that it's a 1978 model singlewide.  i guess it's like anything else, if you keep it maintained.. then it will last.  thanks!